Innoviva (NASDAQ:INVA) Announces Quarterly Earnings Results

Innoviva (NASDAQ:INVA) announced its quarterly earnings results on Wednesday. The biotechnology company reported ($1.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($1.55), FiscalAI reports. Innoviva had a net margin of 81.19% and a return on equity of 28.03%. The firm had revenue of $106.12 million during the quarter, compared to analysts’ expectations of $115.31 million.

Innoviva Trading Up 1.6%

Shares of Innoviva stock traded up $0.33 during mid-day trading on Wednesday, hitting $21.26. 922,344 shares of the stock were exchanged, compared to its average volume of 638,960. Innoviva has a twelve month low of $17.87 and a twelve month high of $25.15. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 5.17, a price-to-earnings-growth ratio of 3.02 and a beta of 0.38. The company has a 50-day simple moving average of $20.99 and a 200 day simple moving average of $21.87. The company has a current ratio of 16.01, a quick ratio of 15.18 and a debt-to-equity ratio of 0.21.

Analysts Set New Price Targets

Several research analysts have recently issued reports on INVA shares. Zacks Research raised Innoviva from a “strong sell” rating to a “hold” rating in a research note on Monday, August 31st. Weiss Ratings cut shares of Innoviva from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, September 24th. Cantor Fitzgerald dropped their target price on shares of Innoviva from $36.00 to $34.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Oppenheimer initiated coverage on shares of Innoviva in a report on Wednesday, September 23rd. They set an “outperform” rating and a $35.00 target price for the company. Finally, Wall Street Zen cut shares of Innoviva from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $39.25.

Innoviva Company Profile

Innoviva, Inc is a healthcare company focused on developing, commercializing and managing medicines, with an emphasis on respiratory and hospital-based therapies. The company’s business model includes royalty interests in marketed products as well as ownership and investment in companies developing or commercializing innovative treatments.

Innoviva receives royalty revenue from respiratory medicines developed in collaboration with GlaxoSmithKline, including Trelegy Ellipta, Anoro Ellipta and Relvar/Breo Ellipta.